NYSE · Technology

Fidelity National Information Services, Inc.

FIS · Information Technology Services

$38.21

▼ -0.37 (-0.96%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 33.6%

Operating Margin 16.0%

Net Income Margin 71.8%

Fin. Health

F⤢

Years to Pay Off Debt 8.9 yrs

Working Capital vs Long-Term Debt -$20.3B

Working Capital -$3.5B

Valuation

B⤢

Margin of Safety 32.3%

Price-to-Book 1.24x

Cash Flow

A⤢

Free Cash Flow $452M

CapEx % of Net Income 11.0%

Owner Earnings $3.3B

Profitability

Gross Profit Margin 33.6%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 16.0%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 71.8%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 8.9 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$20.3B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$3.5B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $452M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 11.0%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $3.3B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. provides solutions to financial institutions, businesses, and developers worldwide. The company operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. It provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions. The company also offers trading and assets, lending, leveraged and syndicated loan markets, and treasury and risk solutions. Fidelity National Information Services, Inc. was founded in 1968 and is headquartered in Jacksonville, Florida.

Market Data

Market Cap $19.7B

Enterprise Value $40.8B

P/E (TTM) 7.41

Dividend Yield 4.25%

Exchange NYSE

Key Margins

Gross Profit 33.6%

Operating Margin 16.0%

Net Margin 71.8%

Company Info

Sector Technology

Industry Information Technology Services

Employees 44000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Fidelity National Information Services, Inc. at $38.21.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $38.21, the stock trades below its Graham Number of $56.44 — suggesting a margin of safety exists.

The margin of safety of 32.3% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	33.6%▼	38.3%•	N/A
Operating Margin %	16.0%▼	19.3%•	N/A
Net Income %	71.8%▲	18.1%•	N/A
Diluted EPS	4.58▲	0.98•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$43.5B	$33.5B	N/A
Total Debt	$21.1B▲	$13.3B•	N/A
Working Capital	-$3.5B▼	-$3.1B•	N/A
Years to Pay Debt	8.94	26.14	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$452M▼	$642M•	N/A
Owner Earnings	$3.3B	$1.3B	N/A
CapEx % of Net Income	11.0%	63.5%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-41,600	-2,794
Tax Rate For Calcs	0	0
Normalized EBITDA	1,188,000	1,025,000
Total Unusual Items	-104,000	-14,000
Total Unusual Items Excluding Goodwill	-104,000	-14,000
Net Income From Continuing Operation Net Minority Interest	2,366,000	510,000
Reconciled Depreciation	628,000	468,000
Reconciled Cost Of Revenue	2,187,000	1,735,000
EBITDA	1,084,000	1,011,000
EBIT	456,000	543,000
Net Interest Income	-197,000	-88,000
Interest Expense	197,000	112,000
Normalized Income	2,428,400	521,206
Net Income From Continuing And Discontinued Operation	2,366,000	510,000
Total Expenses	2,768,000	2,269,000
Total Operating Income As Reported	423,000	529,000
Diluted Average Shares	517,000	519,000
Basic Average Shares	515,000	517,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	2,366,000	510,000
Net Income Common Stockholders	2,366,000	510,000
Net Income	2,366,000	510,000
Minority Interests	-1,000	-1,000
Net Income Including Noncontrolling Interests	2,367,000	511,000
Net Income Discontinuous Operations		0	-24,000
Net Income Continuous Operations	2,367,000	511,000
Earnings From Equity Interest Net Of Tax	2,214,000	166,000
Tax Provision	106,000	86,000
Pretax Income	259,000	431,000
Other Income Expense	-71,000	-24,000
Other Non Operating Income Expenses	33,000	-10,000
Special Income Charges	-104,000	-14,000
Write Off	104,000
Impairment Of Capital Assets		14,000	32,000
Net Non Operating Interest Income Expense	-197,000	-88,000
Interest Expense Non Operating	197,000	112,000
Operating Income	527,000	543,000
Operating Expense	581,000	534,000
Other Operating Expenses	-24,000	-16,000
Selling General And Administration	605,000	550,000
Gross Profit	1,108,000	1,077,000
Cost Of Revenue	2,187,000	1,735,000
Total Revenue	3,295,000	2,812,000
Operating Revenue	3,295,000	2,812,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	123,000	122,000
Ordinary Shares Number	517,000	514,000
Share Issued	640,000	636,000
Net Debt	20,301,000	12,483,000
Total Debt	21,146,000	13,331,000
Tangible Book Value	-18,278,000	-7,698,000
Invested Capital	37,033,000	26,981,000
Working Capital	-3,490,000	-3,128,000
Net Tangible Assets	-18,278,000	-7,698,000
Capital Lease Obligations	90,000	249,000
Common Stock Equity	15,977,000	13,899,000
Total Capitalization	32,768,000	22,968,000
Total Equity Gross Minority Interest	15,980,000	13,902,000
Minority Interest	3,000	3,000
Stockholders Equity	15,977,000	13,899,000
Gains Losses Not Affecting Retained Earnings	-628,000	-504,000
Other Equity Adjustments	-628,000	-504,000
Treasury Stock	10,264,000	10,202,000
Retained Earnings	-20,581,000	-22,718,000
Additional Paid In Capital	47,444,000	47,317,000
Capital Stock	6,000	6,000
Common Stock	6,000	6,000
Total Liabilities Net Minority Interest	27,504,000	19,586,000
Total Non Current Liabilities Net Minority Interest	19,033,000	11,970,000
Other Non Current Liabilities	1,915,000	98,000
Derivative Product Liabilities		819,000	633,000
Employee Benefits		327,000	278,000
Non Current Pension And Other Postretirement Benefit Plans		164,000	127,000
Tradeand Other Payables Non Current		98,000	146,000
Non Current Deferred Liabilities	327,000	1,381,000
Non Current Deferred Revenue		166,000	117,000
Non Current Deferred Taxes Liabilities	327,000	1,215,000
Long Term Debt And Capital Lease Obligation	16,791,000	9,247,000
Long Term Capital Lease Obligation		178,000	177,000
Long Term Debt	16,791,000	9,069,000
Current Liabilities	8,471,000	7,616,000
Other Current Liabilities	162,000	189,000	1,164,000
Current Deferred Liabilities	1,084,000	957,000
Current Deferred Revenue	1,084,000	957,000
Current Debt And Capital Lease Obligation	4,355,000	4,084,000
Current Capital Lease Obligation	90,000	71,000
Current Debt	4,265,000	4,013,000
Other Current Borrowings	113,000	1,284,000
Commercial Paper	4,152,000	2,729,000
Payables And Accrued Expenses	2,870,000	2,386,000
Current Accrued Expenses	1,361,000	1,374,000
Interest Payable	122,000	104,000
Payables	1,509,000	1,012,000
Other Payable	676,000	549,000
Dueto Related Parties Current	0	24,000
Total Tax Payable	455,000	247,000
Income Tax Payable	207,000	0
Accounts Payable	378,000	192,000
Total Assets	43,484,000	33,488,000
Total Non Current Assets	38,503,000	29,000,000
Other Non Current Assets	1,831,000	276,000
Defined Pension Benefit		159,000	161,000
Non Current Deferred Assets	1,291,000	1,321,000
Non Current Accounts Receivable		568,000	606,000
Financial Assets		283,000	120,000
Investments And Advances	13,000	3,874,000
Investmentin Financial Assets		193,000	191,000
Available For Sale Securities		193,000	191,000
Long Term Equity Investment	13,000	3,681,000
Goodwill And Other Intangible Assets	34,255,000	21,597,000
Other Intangible Assets	9,670,000	3,835,000
Goodwill	24,585,000	17,762,000
Net PPE	1,113,000	922,000
Accumulated Depreciation	-1,490,000
Gross PPE	2,603,000	2,370,000
Leases		107,000	98,000
Other Properties		231,000	230,000
Machinery Furniture Equipment		1,574,000	1,514,000
Buildings And Improvements		429,000	439,000
Land And Improvements		29,000	32,000
Current Assets	4,981,000	4,488,000
Other Current Assets	1,234,000	959,000
Assets Held For Sale Current		0	1,115,000
Prepaid Assets	280,000	368,000
Receivables	2,712,000	2,562,000
Other Receivables	443,000	579,000
Duefrom Related Parties Current	0	39,000
Accounts Receivable	2,269,000	1,944,000
Allowance For Doubtful Accounts Receivable	-32,000	-24,000
Gross Accounts Receivable	2,301,000	1,968,000
Cash Cash Equivalents And Short Term Investments	755,000	599,000
Cash And Cash Equivalents	755,000	599,000

Cash Flow

	2026	2025	2024
Free Cash Flow	452,000	642,000
Repayment Of Debt	-27,982,000	-17,193,000
Issuance Of Debt	35,992,000	17,269,000
Capital Expenditure	-261,000	-324,000
Interest Paid Supplemental Data	175,000	67,000
Income Tax Paid Supplemental Data	60,000	190,000
End Cash Position	779,000	599,000
Beginning Cash Position	599,000	571,000
Effect Of Exchange Rate Changes	-16,000	3,000
Changes In Cash	196,000	25,000
Cash Flow From Discontinued Operation	0		-99,000
Financing Cash Flow	7,654,000	-393,000
Cash Flow From Continuing Financing Activities	7,654,000	-393,000
Net Other Financing Charges	-58,000	31,000
Proceeds From Stock Option Exercised	1,000	0
Cash Dividends Paid	-232,000	-207,000
Common Stock Dividend Paid	-232,000	-207,000
Net Common Stock Issuance	-67,000	-293,000
Net Issuance Payments Of Debt	8,010,000	76,000
Net Long Term Debt Issuance	8,010,000	76,000
Long Term Debt Payments	-27,982,000	-17,193,000
Long Term Debt Issuance	35,992,000	17,269,000
Investing Cash Flow	-8,171,000	-340,000
Cash Flow From Continuing Investing Activities	-8,171,000	-340,000
Net Other Investing Changes	-60,000	-32,000
Interest Received Cfi	-23,000	-25,000
Dividends Received Cfi	32,000	40,000
Net Business Purchase And Sale	-7,859,000	1,000
Sale Of Business		0	32,000
Purchase Of Business	-7,859,000	1,000
Net Intangibles Purchase And Sale	-211,000	-305,000
Purchase Of Intangibles	-211,000	-305,000
Net PPE Purchase And Sale	-50,000	-19,000
Purchase Of PPE	-50,000	-19,000
Operating Cash Flow	713,000	966,000
Cash Flow From Continuing Operating Activities	713,000	758,000
Change In Working Capital	-212,000	-180,000
Change In Other Working Capital	-3,000	-54,000
Change In Payables And Accrued Expense	-99,000	319,000
Change In Payable	-99,000	319,000
Change In Account Payable	-99,000	319,000
Change In Prepaid Assets	-140,000	-134,000
Change In Receivables	30,000	-311,000
Changes In Account Receivables	-8,000	-305,000
Other Non Cash Items	16,000	4,000
Stock Based Compensation	44,000	45,000
Asset Impairment Charge	104,000	14,000
Deferred Tax	-5,000	40,000
Deferred Income Tax	-5,000	40,000
Depreciation Amortization Depletion	628,000	468,000
Depreciation And Amortization	628,000	468,000
Operating Gains Losses	-2,229,000	-144,000
Earnings Losses From Equity Investments	-2,214,000	-166,000
Gain Loss On Sale Of Business	-15,000	22,000
Net Income From Continuing Operations	2,367,000	511,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.5B ▲ $3.3B +30.1%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 34.7% ▲ 33.6% -1.1pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 20.8% ▲ 16.0% -4.8pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 3.0% ▲ 71.8% +68.8pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$3.3B/qtr (≈$13.2B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.59x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$452M

vs Positive

Operating Cash Flow

$713M

Latest quarter · Buffett's cash reality check

ROIC

1.2%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

1.2x

Net Assets: $16.0B

Asset Context — Information Technology Services

This company's primary assets are likely intangible (brand, IP, talent, network effects) and don't appear on the balance sheet. Net Assets may significantly understate intrinsic value. ROIC and free cash flow are more reliable indicators of business quality.

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry

No auto-detected peers for Information Technology Services. You can manually compare FIS against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.13%

Low — management has little skin in the game

Return on Equity (ROE)

14.8%

Adequate — returns are moderate

Return on Assets (ROA)

5.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+58.6% YoY

Debt is growing — management is leveraging up

Leadership Team

Stephanie Ferris

CEO, President & Director

Age 51

Pay: $4,187,045

0.177% of net income

James Kehoe

Corporate Executive VP & CFO

Age 63

Pay: $2,448,000

0.103% of net income

Kim Snider

Senior Vice President of Global Marketing & Communications

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	11.03%	57,009,522
Dodge & Cox Inc.	9.49%	49,073,157
JPMORGAN CHASE & CO	7.30%	37,720,222
Vanguard Capital Management LLC	6.49%	33,523,966
State Street Corporation	4.89%	25,283,409
Vanguard Portfolio Management LLC	4.64%	23,989,817
Capital Research Global Investors	3.66%	18,901,807
Geode Capital Management, LLC	2.64%	13,652,564

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.80

Low volatility — more stable than the market

Short Interest

3.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.32x

Moderate leverage

Current Ratio

0.59x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $37.85 Current: $38.21 High: $82.74

Currently at 1% of 52-week range

Fidelity National Information Services, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis